BITCOIN Even Stronger Level Below 20kHi Traders, Investors & Gamblers 😃
I hope everyone is doing great this wednesday morning!
A quick update after the expected loss of the previous support level for Bitcoin, once again I want to point out a very logical next support level and potential bottom scenario for Bitcoin .
The 200 week SMA the most logical target for Bitcoin on a weekly closing basis all along. I've been talking about it here on @TradingView since at least February.
Daily Chart:
Support & Resistance Levels
We have now reached a very strong support area for BTC coming from the range that Bitcoin has beentrading in in Winter 2020.
I will go through all the indicators that lead me to call these current lows for Bitcoin in the beginning of the year already.
Weekly Chart:
200 Week SMA & Falling Wedge:
As mentioned yesterday, THE bullish scenario! Wick below the support and finish the week above the wedge support and 200w SMA
2017 $20k ATH:
Right in the middle of major moving averages and Fibonacci levels we have the historic ATH from 2018.
Monthly Charts:
200 Week SMA, 50 Month SMA:
Pay attentio to the red circle, in the one instance where we touched the 200 week SMA but not the 50 month SMA we ended up falling short of a new ATH until we came back downand touched both moving averages.
Fibonacci Retracement:
The "Absolute Bottom" could lay around the.786 for BTC since we lost the .618 it would be logical to continue down to the next Fib. level and find a bounce there. As we know we have never closed a weekly candle below the 200week SMA and 50 Month SMA, but we have wicked way below on various ocasions with the last being in March 2020.
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
